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ECON6000 Economic Principles And Decision Making
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ECON6000 Economic Principles And Decision Making
0 Download2 Pages / 433 Words
Course Code: ECON6000
University: Laureate International Universities
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United States
Question:
Describe the Economic Principles and Decision Making For Regression.
Answer:
Regression Statistics
Multiple R
0.96
R Square
0.91
Adjusted R Square
0.90
Standard Error
7.82
Observations
21
ANOVA
df
SS
MS
F
Significance F
Regression
3
11019.2105
3673.0702
60.07749
2.94899E-09
Residual
17
1039.36093
61.138878
Total
20
12058.57143
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
-12.1602
11.3076
-1.0754
0.2972
-36.0172
11.6968
Average income per person
0.0048
0.0018
2.6652
0.0163
0.0010
0.0087
Tariff rate on imports of energy bars
-6.4570
1.0416
-6.1990
0.0000
-8.6546
-4.2594
Number of stores where energy bars are offered
4.0724
1.8978
2.1459
0.0466
0.0684
8.0765
The regression analysis evaluates impact of income, tariff and number of stores on the demand for energy bars. From the regression it is found that income has a positive effect on demand while tariff has a negative effect on energy bar demand. So far as number of stores are concerned the coefficient is 4.0724. This positive and significant effect implies that offering energy bars to an additional store helps to increase energy bar demand
The coefficient of tariff from the regression is found to be -6.4570. The negative coefficient implies tariff has a negative effect on demand. With unit increase in tariff demand decreases by 6 units. The coefficient is statistically significant as indicated by the significant p value (value less than 0.05) (Draper & Smith, 2014).
PW in figure 1 represents the world price without nay restriction. After imposition of tariff price in the domestic market increases to Ptariff. Because of higher price after tariff, demand reduces from QD1 to QD2. The higher price reduces consumer surplus to A. Producer surplus increases to B + C. The lost consumer surplus however does not completely transfers to producers (Feenstra, 2015). This causes a misallocation of resources leading to a welfare loss represented by the area D + G.
As discussed in the previous section imposition of tariff in Industria causes a welfare loss in the market. In response to higher price of Scmeckt Gut’s energy bar people in Industria would substitute Schmeckt Gut’s energy bar with some cheaper brand that might affect consumer’s health. Because of tariff Schmeckt Gut would face a loss in the market share in Industria. Followed by standard theory of trade, it is thus mutually beneficial for both the nation to encourage free trade between the two nations (Viner, 2016). The theoretical overview of trade is further supported by the regression analysis. The regression analysis suggests indicates a significant negative effect of tariff on energy bar demand and welfare.
Reference list
Draper, N. R., & Smith, H. (2014). Applied regression analysis(Vol. 326). John Wiley & Sons.
Feenstra, R. C. (2015). Advanced international trade: theory and evidence. Princeton university press.
Viner, J. (2016). Studies in the theory of international trade. Routledge.
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